Monday’s Futures Setups
The S&Ps staged a
rally out of their 50-day moving average after a five-day pullback, and
with three green up arrows on the Market
Bias page, look for higher levels on Monday.
After a fake out on Thursday, British pounds
(
BPH2 |
Quote |
Chart |
News |
PowerRating) moved higher. A charge to the 11/1 high is possible for this Momentum
5 player.
Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) rallied, and looks to have its
sights set on the 11/30 high of 1365 as its next target.
Canadian dollars
(
CDH2 |
Quote |
Chart |
News |
PowerRating) rallied after
Wednesday’s gap up, to just below the 10/15 swing high of .6417. This Momentum
5 list member looks like it may have the stuff to take it out.
After Friday’s rally, crude oil
(
CLF2 |
Quote |
Chart |
News |
PowerRating) is
close to its downtrend line begun on 9/17, and both heating oil
(
HOF2 |
Quote |
Chart |
News |
PowerRating) and
unleaded gas
(
HUF2 |
Quote |
Chart |
News |
PowerRating) closed slightly above theirs.
Cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) fell to its 50% retracement,
then rallied up to its pullback downtrend line, where it closed. Though there is
resistance here, if it takes it out, cotton should go higher.
Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating), still trading at its 50%
level in a head and shoulder pattern, seems undecided. A rally here should take
it back to the .6961 area, but a break below this level means .6600 is a
potential target.
Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) attempted to close the 11/27
gap, but was turned back. The middle of the gap is conveniently located at the
50% retracement of the 11/14 high – 12/4 low.
Live cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating) are set up as a Turtle
Soup Plus One, and could rally here.
|
Contract |
Setup
|
Direction
|
Trigger
|
| British pound [BPH2|BPH2 |
Gap up |
up |
above Friday’s high |
| 30-year bonds (USH2) |
|
down
|
below Friday’s low |
| Swiss franc ( SFH2 | Quote | Chart | News | PowerRating) |
Gap
|
up
|
above Friday’s high |
| Sugar (SBH2) |
|
up
|
above Friday’s high |
| Orange Juice (OJF2) |
close
|
down
|
below Friday’s low |
| 10-year notes (TYH2) |
|
down
|
below Friday’s low |
| Live Cattle ( LCH2 | Quote | Chart | News | PowerRating) |
Turtle Soup Plus One |
up
|
above Friday’s high |
Use stops on all your
trades.
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